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    题名: 水平併購危機處理模式研究
    其它题名: The horizontal of M & A process model of crisis management
    作者: 盧瑞徵;Lu, Jui-cheng
    贡献者: 淡江大學全球華商經營管理數位學習碩士在職專班
    蔡信夫;Tsai, Hsin-fu
    关键词: 併購;水平併購;危機處理;風險;M &A;Horizontal M & A;crisis management;risk
    日期: 2009
    上传时间: 2010-01-10 23:04:53 (UTC+8)
    摘要: 企業的本質在於獲利.而每一人從離開學校進入社會,就開始一連串的於社會叢林中求生存的活動,但有些人可以於此競賽中,獲得最高的報酬,他們是如何成功,如何面對失敗?也惟有深刻認知與了解此水平併購活動,才能為吾輩於此商業活動中,能先立於不敗之地,進而能獲得更高更好的商業報酬,依此動機,本文將研究下列主題:

    透過研究本題目過程中,本論文在去發現幾個目的:
    1.成功的企業家如何評估併購風險.
    2.企業家如何處理併購時所產生之危機.
    3.證明失敗是否為下次併購的成功基石.
    4.了解實務上企業如何整合併購中不同文化.

    於文獻探討章節,不僅僅是去發掘過往文獻,於此類似題目中所得到的研究結果,於本研究中,採用了三類文獻,分別是“企業併購相關文獻”,“企業危機相關文獻”及如何使企業基業長青(Build to last).也從會計觀點,法律觀點,專利價值及勞工觀點,看到一些新增可能失敗因素及因應策略.而成功的企業家,就是越能從別人所忽略之企業價值,從而進行完善的企業併購佈局.
    經研究得知國內外企對企業併購時併購的動機是一致,併購時對被併方價值的認定有顯著不同的態度,面對併購所產生的危機中外態度是一致,均是誠實至上,以及如何於第一時間點,精準判斷出危機規模,影響範圍與深度,才能有助於解決危機,而於併購過程中組織的融合,而對所有受訪之企業,均認為承認過去失敗之經驗累積,有助於下次併購過程避免犯同樣錯誤,最後於併購階段,整合不同公司過程中,中西方有不一樣的方式.
    於本研究中深入訪談六家企業,受訪者之寶貴親身經驗的實務上價值外,可值得多加參考,並呼應驗證研究目的如下:

    一、成功的企業家如何評估併購風險.
    1.評估自己企業員工是否能接受新觀念.
    2.事前查核
    3.法律正當性

    二、企業家如何處理併購時所產生之危機.
    1.誠實面對,可以保命,而先不要面子,務必要能當機立斷,先止血,方有東山再起之機會.
    2.CEO為當然小組負責人,並由各部門抽調專人成立一專案小組來因應,此為一任務編組型態
    3.第一時間的面對問題,先評估其傷害規模與深度,時間越短越快越好.

    三、證明失敗是否為下次併購的成功基石.
    1.得到證明,失敗是成功之母.

    四、了解實務上企業如何整合併購中不同文化
    1.要尊重當地文化
    2.要讓海外公司員工認同母公司文化

    我們也發現一些過往文獻,如從財務等許多細項科目上及法律上的一些漏洞,其正反面的應用,都有助於未來併購活動中,其正反面之思考方向.
    To make profit is the basic demand for an Enterprise. Each person has to learn some skill to survive in social jungle since leaving school, but in the end only a few of people can win the highest reward in the long-term race. How they can be successful, how to face failure where they encountered great difficulties during their working time? Through a profound understanding of the horizontal’s M & A activities (Merger and Acquisition), it helps us to stand on an invincible position in this kind of games, and then get a higher feedback than others business. By this motivation, this article will examine the following topics:

    Through the procession of studying the subject, it needs to dig out the purpose in this paper by the following four questions.

    1. The successful entrepreneur how to evaluate the possible risk before M & A process.
    2. How entrepreneurs could successfully deal with an unexpected crisis during the procession of M & A?
    3. To prove whether the failure experience is the mother of the next success of mergers and acquisitions when the chance comes out again.
    4. To study how an entrepreneur to successfully integrate the different cultures among companies in mergers and acquisitions.

    In the literature review section, it is not only to explore the past literature where there has been a similar topic in the research, but also to find out the useful theory to match my study findings. In my paper, I adopted three types of literature, namely the "M & A literature," "corporate crisis literature" and “how to Build an Evergreen Enterprise”. From the accounting, legal, patent and labor points of view, it was discovered some failure factors and solution strategy. A successful entrepreneur can obtain more values from others who neglected the enterprise value, and thus he can expand his business map by a fully skilled planning before the mergers and acquisitions.

    After the research, found that the domestic enterprises and foreign enterprises are consistent at the motives of M & A, but when the mergers and acquisitions happened there exist a significantly different attitude to identify the value of the combined company. In the face of the crisis generated by mergers and acquisitions, the domestic and foreign companies have a consistent agreement that is honesty is the best policy to face all crises. If crisis happened, entrepreneurs can accurately determine the impact, the scope, the depth, and the size of the crisis at the beginning, it will much help to resolve the crisis. In the process of M & A integration of organizations, for all enterprises of respondents are agreed that the experience of past failures which would be a great helpful power for the next M & A process to avoid making the same mistake, On the final stage in the acquisition, integration process of different companies, there are existing quite different styles between the oriental and the West.

    In this study, in-depth interviews with six companies’ chiefs, the respondents provided a lot of valuable first hand practical experiences, which are quite worthful information, and these are echoed by the following objectives:

    A.The successful entrepreneur how to evaluate the possible risk before M & A process.
    1. First, they should assess whether their employees can accept the new concept - mergers and acquisitions.
    2. In advance to check or mine all related information/data from the target company is very important.
    3. All procedures should abide by the legal legitimacy.

    B.How entrepreneurs could successfully deal with an unexpected crisis during the procession of M & A.
    1. To face the crisis honestly can be the best policy to save the parent company, and don’t care too much of personal diginity at this stage. Be sure to take decisive action to stop bleeding is the most and first matter that could have the opportunity to make a comeback in the future.
    2. In order to set up an ad hoc group for M & A task, it is necessary to assemble special staff from each department, and the CEO is of course the team leader.
    3. As the crisis emerging out, to estimate the problem’s scope and assess the damage’s size and depth would be at the first time. The shorter and the sooner is the better.

    C.Whether the failure of M & A is to be proved it is a cornerstone of success for the next mergers and acquisitions.
    1. It has been proved that the failure is the mother of success.

    D.To understand the practical operations how to integrate different cultures in mergers and acquisitions
    1. To respect the local culture.
    2. To let overseas company’s staff to identify the parent company’s culture.

    We also found that some past literature, such as from a financial and many other subjects have a number of clues for legal loopholes for further application on the M & A activity which will help to provide a positive and negative direction of thinking in the future.
    显示于类别:[全球華商經營管理數位學習碩士在職專班] 學位論文

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